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AFP 2019 Blog

Selecting the Right Treasury Management System

Nov 13, 2018

In an interview at AFP 2018, speaker Mary Wienclaw, Senior Accounting Manager for Duracell, discusses her organization's treasury management system (TMS) selection process. Wienclaw discussed this process in a session at AFP 2018, as well as in an AFP Treasury in Practice Guide on TMS selection.

In early 2017, the treasury department at Duracell began researching treasury workstations to handle its cash management and forecasting needs. Up until this point, these tasks were handled manually through Excel.

Fortunately, treasury didn’t have a difficult time building a business case for purchasing and implementing a TMS. Senior leadership understood the need to streamline processes, so treasury received their buy-in quickly.

It also helped that Duracell’s treasury team knew exactly what it wanted. Nearly every vendor in the market had what they were looking for, so they quickly pared the list down to a handful of potential candidates.

Wienclaw and her team ultimately settled on a TMS in October 2017, and began implementation in early December. The system had the functionality that Duracell was looking for, and they trusted the vendor's team for any further assistance. The system is now live, though Duracell has faced some challenges going forward.

“Our system went live earlier this year—actually in February,” Wienclaw said. “It’s been a slow progression. We had some challenges with the go-live; actually we had some challenges, of course, in the implementation process. But now that it’s live, I think we are getting some use out of the system, though we do still have some data integrity issues in the reporting. So it’s not 100 percent.”

Download Selecting the Right Treasury Management System, underwritten by Kyriba, here.